Sign in

Please complete all fields in the form to login.
Username and password fields are case sensitive

If you have forgotten your username or password please use
the forgotten your username/password link below.

Remember me, by ticking the box you
are confirming you are happy for your details to be remembered
and used the next time you use this computer to visit
eFinancialNews.com. By doing this, you'll be able to access
restricted content without logging in each time you
visit the site.

Survey warns of fresh job cuts at European banks

The proportion of UK banks anticipating fresh layoffs in the first six months of next year has gone up from 12% in July to 64%, according to a pan-European poll of 270 financial institutions to be published on Monday.

In the mainland continent, 45% of respondents are preparing to further reduce their headcounts in the new year, the Ernst & Young European Banking Barometer reveals.

The downsizing is likely to impact head-office and administrative workers at banks the most, 79% of respondents say, with 50% expecting staff numbers at UK investment banking arms to decline - compared with 30% across Europe.

Meanwhile, Bank of America is understood to be planning to relocate as many as 2,000 back- and middle-office employees in its operations, human resources and finance departments to the northwestern UK city of Chester over the next decade, as part of a so-called “nearshoring” trend.

Separately, JP Morgan is likely to move nearly 1,000 workers from London’s Canary Wharf to the south coast town of Bournemouth by 2015, while Deutsche Bank plans to bring client-facing “front-office” sales traders to Birmingham, it has emerged.